| Summary: | 碩士 === 國立高雄第一科技大學 === 風險管理與保險所 === 98 === In Taiwan, the“ Bank Mergers and Acquisitions Act ”was set in 2000 and following that the “Financial Holding Company Act ”was passed. These two major acts rebuilt the financial system in Taiwan. Investors could have much more kinds of portfolios in the market as limitations are released.
The market became popular for investment. However, investors face the financial storm these years.
The two major aims of my dissertation are to research on the “disposition effect ”as financial storm happened. Furthermore, to discuss the relationships between the individual characters, disposition effect, returns. The original theory is from Kahneman and Tversky’s prospect theory and Shefrin and Statman(1985)’s disposition effect. This dissertation also used PGR and PLR indexes which were developed by Odean (1998) to analyze the data captured from July 2008 to December 2009. The conclusions could be listed as follows：
1. Disposition effect is not existed in investors during the financial storm. However, disposition effect exists after the financial storm.
2. The relationship between education level and disposition effect are significant.
3. The relationship between returns and disposition effect are not significant. However, the relationship between returns and education level are significant.
|
|---|
